Bihar welcomes more Bangladeshi companies to set up units in the state
Bangladesh is quickly becoming a major player in the global textile sector. However, the textile industry there is encountering challenges such as labour and infrastructure, prompting a search for nearby locations.
Bihar is seeking textile entrepreneurs from Bangladesh to make significant investments in the state. Textile is one of the four focus areas for ‘Bihar Business Connect 2023′ – a Global Investors’ Summit scheduled for December 13-14 in Patna.
The situations are quite similar in Bangladesh and Bihar. Also, Bangladeshi companies are searching for a place where production will not be disturbed, especially during the month-long Ramadan with longer non-working hours. Bangladesh is quickly becoming a major player in the global textile sector. However, the textile industry there is encountering challenges such as labour and infrastructure, prompting a search for nearby locations. The distance between Bihar and Bangladesh is less than 1000 km, and the weather conditions are similar.
In addition to textiles, the investor meeting will spotlight opportunities in leathers, IT/ITeS & ESDM, Food Processing, and Hospitality & Tourism sectors. The state provides a land bank of 28 lakh square metres of built-up area. The state also has a plug and play facility at 13 locations in 9 districts. There is a provision for a Rs 25,000 grant per labour for skilling, along with a Rs 3,000-5,000 employers’ contribution in EPFO for new textile and leather units. Capital subsidy and a waiver of power charges for weavers are also available. Apart from Bangladesh, the state government anticipates participation from investors in a dozen foreign countries, including Japan, Taiwan, UAE, and the US. Among domestic investors, the expectation is that all major companies will participate. The state government has conducted roadshows in Delhi, Mumbai, Bengaluru, Tirupur, and Chandigarh in India, as well as the USA, UAE, Japan, and Bangladesh. The state government has transformed the industrial landscape of the state over the past few years and has emerged as one of the biggest consumer markets. The summit will witness a transformed industrial landscape. The event will feature business networking, knowledgeable discussions, and sessions exploring synergies and partnership opportunities.